Avantax Planning Partners Inc. Sells 7,617 Shares of Bank of America Corporation (NYSE:BAC)

Avantax Planning Partners Inc. lowered its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 6.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 108,746 shares of the financial services provider's stock after selling 7,617 shares during the period. Avantax Planning Partners Inc.'s holdings in Bank of America were worth $4,538,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BAC. Norges Bank purchased a new position in Bank of America in the fourth quarter worth $5,226,989,000. Capital World Investors boosted its position in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Amundi boosted its position in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

NYSE BAC traded up $0.23 during trading on Friday, reaching $48.94. The company's stock had a trading volume of 21,620,278 shares, compared to its average volume of 40,179,873. The stock has a market capitalization of $368.61 billion, a PE ratio of 14.57, a P/E/G ratio of 1.33 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm has a fifty day moving average of $44.28 and a 200 day moving average of $43.44. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.13%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of brokerages have recently commented on BAC. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Citigroup upped their price target on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.28.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.